West Valley City Redevelopment Agency WEST VALLEY CITY FAIRBOURNE CRA Granite School District 12/11/2017
The Project Community Reinvestment Project Area 34.41 acres 20 Year Term 25% Pass Through to GSD and all other Entities 2.5% Administrative Fee 10% Mandatory Housing West Valley City Redevelopment Agency 12/11/2017
History Granger Shopping Center built in 1990 Anchored by Staples and Toys R Us Other Tenants: Zions Bank US Bank Armed Forces Recruiting Center Betos Optometrist office West Valley City Redevelopment Agency 12/11/2017
History Staples has closed 350 stores in past 5 years Toys R Us Closed 2 of 3 SL County stores in last 12 months Filed for Chapter 11 on September 19, 2017 Desire to create a “downtown” for WVC Uncertain future of retail viability and new development opportunities Redevelopment in Purest Form and Original Intent Replacement of dilapidated improvements with new development West Valley City Redevelopment Agency 12/11/2017
History Final phases in decade long project Acquisition of hundreds of properties This area required acquisition and demolition of several properties and leases. Toys R Us Staples Betos Zions US Bank Office West Valley City Redevelopment Agency 12/11/2017
History WVC is “ALL IN” on this project area: $35 Million Bond for RDA (property acquisition & refi) WVC is “ALL IN” in overall City Center Development $45 Million Bond for Police Headquarters $33 Million Bond for Embassy Suites Hotel West Valley City Redevelopment Agency 12/11/2017
New Development The Fairbourne Project plan is to have this area become the Central Business District, or “downtown” for West Valley City. At its completion, it will consist of: 325,000 +/- sq ft Class A Office Structured Parking Garage (publicly owned) WVC Police Headquarters (publicly owned) Financial Institution Additional Future Development West Valley City Redevelopment Agency 12/11/2017
New Development New Development plans are based on extensive Market Studies which identified market “gaps” as: Class A Office Hotel Multi-Family Residential Limited Ancillary Retail West Valley City Redevelopment Agency 12/11/2017
New Investment The Fairbourne CRA development will total over $152 million of new PRIVATE investment. Public Investment would be approximately $28 million. Granite School District investment would be $12,030,772. West Valley City Redevelopment Agency 12/11/2017
Property Taxes and Pass Through 2017 Taxable Value: $30,918,981 2040 Taxable Value: $149,851,107 GSD 2017 Tax Revenue (Base): $200,386 Total GSD Pass Thru @ 25%: $4,010,257 AVG per year pass thru: $200,513 GSD 2040 Tax Revenue: $939,888 Total Investment: $27,789,023 GSD: $12,030,772 WVC: $7,857,778 SLCo: $6,084,998 West Valley City Redevelopment Agency 12/11/2017
Uses for Tax Increment Structured Parking Multiple parking structures on the project Infrastructure Utility upgrades Roadway Improvements Bonded Indebtedness Developer Incentive West Valley City Redevelopment Agency 12/11/2017
But For… WVC RDA owns the old Toys R Us and Staples properties, so some redevelopment is inevitable. However, BUT FOR the assistance of Tax Increment from ALL taxing entities, the planned development will not occur. A lesser development will result in a lower taxable value AND in fewer other redevelopment opportunities for adjacent properties. West Valley City Redevelopment Agency 12/11/2017
Proposed Project Area Fairbourne CRA West Valley City Redevelopment Agency 12/11/2017
Site Plan West Valley City Redevelopment Agency 12/11/2017
Fairbourne Station West Valley City Redevelopment Agency 12/11/2017
Office Tower West Valley City Redevelopment Agency 12/11/2017
Parking Structure and Office Tower West Valley City Redevelopment Agency 12/11/2017
Police Headquarters West Valley City Redevelopment Agency 12/11/2017
Granger Medical West Valley City Redevelopment Agency 12/11/2017
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